Dump Credit Card Debt But Not at The Cost of These 4 Things

Guest Contribution by Patricia Sanders, a regular contributor at wiki.debtcc.com

Sacrifice. You’ll come across this term a lot of time with regards to paying off debt. But how far should you go? How much should you sacrifice when paying off credit card debt? Should you give up everything just to save money and pay off debt? Let’s find out.

When you’re in debt, you have to lead a frugal life, which means you have to sacrifice a lot of things. You have to say ‘no’ to frequent dinners at top-notch restaurants. You have to say ‘no’ to expensive cruises. You have to ‘bid good bye’ to designer dresses, and so on. You have to learn the art of saying ‘no’ – first to yourself and then to your friends. In doing so, you gradually remove the obstacles that stop you from getting out of debt.

That being said, you shouldn’t sacrifice everything you have just to get out of debt. You shouldn’t sell your soul to pay back your creditors. You shouldn’t live like a robot because that would kill the joy of living.

Struggle becomes a part of your life when you’re dealing with creditors and debt collectors or saving money. You’ll be under a lot of financial pressure. At times, you’ll be frustrated. But don’t vent out your frustrations over people you meet. Be humble. Talk politely with people. Be generous when it comes to giving gifts. Don’t spend too much on your gifts or don’t stop giving gifts to your loved ones. Sometimes, an act of care is the most precious gift you can give to a person.

Use the resources you have. Utilize the skills to make homemade gifts instead of overspending on gifts. You can even offer services instead of giving a tangible gift.

Your Close Relationships

Relationships should be your priority even when you’re in debt. Remove toxic people from your life. They bring stress in your life. But embrace people who love and care for you unconditionally.

The hardest part comes when you have to say ‘no’ to a dinner invitation from a close friend at an expensive restaurant. When you’re in debt, all that you need to think about is saving money. You can’t afford to waste money. But you can’t afford to hurt your friend also. It’s unethical to expect that your friend will pay the bills all the time. So what can you possibly do? Well, the first thing you can do is explain your current financial condition to your friend. I’m quite sure he/she will understand your problem. Instead of booking a table for the best dining in the city, you can have a picnic and a free outdoor movie at a park. Remember, you just have to cut down your spending. You’re free to spend quality time with your friends and relatives.

Time changes. Situations change. So one day you’ll no longer be in debt. But if you lose your close friends and relatives, you’ll be all alone. Money is important and essential for surviving in this brutal world. But it isn’t everything.

Beautiful Experiences

Life is short and you only live once. So you should make the most of it. You’re in credit card debt. You’re stressed. You can’t afford to visit expensive tourist spots. You have no idea about how long it will take to pay off your debts. You’re confused. But when you enroll in a debt relief plan, the debt negotiators will give you an idea about the tenure of the program. Depending on your debt amount and the monthly payments you can make, it could take 2 years to pay off your debts.

Will you just sit at home and do absolutely nothing on the weekends?

You can enjoy free classes, free musical shows, outdoor concerts, etc. You can even take your family to beaches and parks. You can give beautiful experiences to your family even when you’re in debt.

Integrity

You need money to pay off your debts. We all know that. But don’t cheat people to make money. Don’t stoop so low. Don’t lose your integrity. Later, you’ll regret and lose respect for yourself. Work hard to earn more dollars. Take up online assignments. Change your job. Ask for a pay hike. Think about different ways to attain your financial goals.

You can make a lot of money by cheating people. You’ll probably get out of debt quickly. But you’ll not have mental peace.

Conclusion

Don’t sacrifice these 4 things as you’re paying off your debts. Don’t stop saving money for your retirement years. Save at least the minimum amount in the retirement savings plans. When you look back at your debt-free journey, you’ll have no regrets.

Kevin is the owner of FTP and an author of the personal finance book series Filling The Pig. He uses his own past successes with debt, saving cash, investing and running his own home based businesses to teach others about Creating a Lifestyle of Opportunities.

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